On May 1 Venus Company assigned $428,000 of its accounts receivable to the Third National Bank as collateral for a $214,000 loan due August 1. The assignment agreement calls for Venus to continue to collect the receivables. Third National Bank assesses a finance charge of 8% of the accounts receivable, and interest on the loan is 3% (a realistic rate of interest for a note of this type). Instructions Prepare the May 1 journal entry for Venus Company.